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Physiomics shares jump as new 'virtual tumour' contract signed

09-02-2018 10:44

Shares are on the rise in cancer technology company Physiomics after it announced a contract with a major global top 10 pharmaceutical client.
The company's shares rose 10% to 7.98p by mid-afternoon on Friday in response to news of the new contract.

The project, which will be completed in 2018, involves use of Physiomics' virtual tumour technology, which simulates tumour reactions to different treatments, in a pre-clinical setting and is understood to be worth approximately £70,000.

Dr Jim Millen, chief executive of Physiomics, said: "We believe that the signing of agreements with three major pharmaceutical clients within the space of three months is a real sign of the confidence in our technology that is starting to build within the industry."

The company won a contract with an unnamed major pharma company in January and entered into a master services agreement with leading science and technology company Merck in November.

"Our aim now will be to develop longer-term relationships with these major companies and to secure further pre-clinical and clinical projects," said Mullen.